The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAS is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hopkins CPAs 1. Borrowed $94,500 from the bank to start the business. 2. Provided $63,000 of services to clients and collected $52,500 cash. 3. Paid salary expense of $33,600. Data for Sports Clothing 1. Borrowed $94,500 from the bank to start the business. 2. Purchased $63,000 inventory for cash. 3. Inventory costing $27,300 was sold for $52,500 cash. 4. Paid $8,400 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash flows for each of the companies. Complete this question by entering your answers in the tabs below. Hopkins Inc Hopkins Bal Stmt Sheet Hopkins Cash Sports Inc Flows Stmt Stmt Prepare an income statement for Hopkins CPAs. Sports Bal Sheet Sports Cash Flows Stmt W

The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hopkins CPAs 1. Borrowed $94,500 from the bank to start the business. 2. Provided $63,000 of services to clients and collected $52,500 cash. 3 . Paid salary expense of $33,600. Dota for Sports Clothing 1. Borrowed $94,500 from the bank to start the business 2. Purchased $63,000 inventory for cash. 3. Inventory costing $27,300 was sold for $52,500 cash. 4. Paid $8,400 cash for operating expenses. Required: a. Prepare an income statement, balance sheet, and statement of cash fiows for each of the companies. Complete this question by entering your answers in the tabs below. Prepare an income statement for Hopkins CPAs